The Employee Benefits Security Administration has published a batch of advice aimed at sponsors and administrators of defined benefit pension plans.
The advice, contained in EBSA Field Assistance Bulletin 2009-01, could help plans implement the defined benefit plan annual funding notice requirements included in the Pension Protection Act of 2006.
The PPA changes apply to plan years beginning after Dec. 31, 2007.
EBSA’s parent, the U.S. Labor Department, has not yet written regulations regarding compliance with the new PPA notice rules.
Many employers and administrators have expressed concerns “about the imminent compliance date of the new annual funding notice requirements, the absence of regulatory guidance from the [Labor] Department, and the cost and burdens attendant to annual funding notice compliance efforts prior to the adoption of annual funding notice regulations and the issuance of a model annual funding notice by the department,” Robert Doyle, an EBSA director, writes in the bulletin.
EBSA has decided to provide guidance concerning “good faith compliance” with the new rules, Doyle writes.